Trump blasts OPEC, warns European companies against business with Iran

06 July, 2018, 04:39 | Author: Sara Gill

Two posts on Twitter in June criticised Opec prices for being too high. The announcement was made following a cabinet meeting headed by Saudi Arabia's King Salman bin Abdulaziz Al Saud.

The White House later walked back the president's comments, saying the king had said his country could raise oil production if needed.

Oil held near three-year highs on US Independence Day as tight supplies at home and overseas overshadow a Saudi pledge to boost output.

A little more than an hour after Trump's tweet, the state-run Saudi Press Agency reported on the call, but offered few details.

"The 'OPEC+' agreement fell short of what was expected to render a bearish signal to the market", Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London, said in an email.

After reducing production by more than 1.8 million barrels daily since January a year ago to drain a global glut, the producers decided in Vienna on June 23 to reverse course.

"Our Muslim brothers in Saudi Arabia are an educated and mature nation that will not allow you to treat them like that and order them around", Kazemour said, adding "you are actually discrediting them and undermining their sovereignty, we expect you to be more polite".

Traders have also been watching USA oil production C-OUT-T-EIA, which has surged by 30 percent over the last two years to 10.9 million bpd, absorbing some of the recent disruptions.

Iranian OPEC Governor Hossein Kazempour Ardebili said on Thursday that Trump had raised oil prices through his tweets.

There have been reports all over the financial media that president Trump is demanding that Saudi Arabia increase production by 2 million barrels per day. China, the world's biggest oil consumer, and India, the country with the fastest-growing appetite for energy, added their own complaints after prices rose.

"Recurring salvos in the trade war and falling asset prices raise the question of how much tariffs could damage the global economy, United States bank JP Morgan said in a note".

Oil prices reversed gains after hitting $75 a barrel on Tuesday, as Saudi Arabia said it is prepared to pump more oil to ease supply constraints in the market.

Libya's National Oil Corporation declared "force majeure", or unforeseeable circumstances, as the country's continued struggles with internal conflicts see approximately 850,000 barrels per day after losing control of Zueitina and Hariga ports this week.

The State Department has said it expects the "vast majority" of countries will comply with the USA request.

The world's biggest crude exporter is preparing to ramp up oil production, possibly by as much as two million barrels per day, amid United States sanctions on Iran.

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